HSBC bonds taken up in two hours

HSBC Bank Malta plc's Lm20 million public offer in subordinated bonds has been fully subscribed.

"In fact, the excellent response to the 4.6 per cent issue led to the closure of the bond issue on the first day; in the first two hours to be more precise," the bank said.

The bank exercised its option to take on the Lm5 million over-allotment. It will be announcing its allocation policy next week to ensure a fair distribution of its bonds.

"The high demand for HSBC bonds confirms the regard and confidence investors have in both HSBC Bank Malta and the HSBC Group," HSBC Bank Malta CEO Shaun Wallis said. Rizzo, Farrugia & Co acted as sponsoring stockbrokers for this bond issue.